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For more information on this release:
E-mail: gfs@cso.ie Norita Murphy (+353) 1 498 4295 Derek Stynes (+353) 1 498 4303 Elaine O'Sullivan (+353) 1 498 4203
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-616X
CSO statistical release, 11 April 2017, 11am

Government Finance Statistics - Annual

2011 to 2016 (April 2017 Results)

 General Government and GDP
 GG DeficitGG Gross DebtGG Net DebtGDP
End of year€m% GDP€m% GDP€m% GDP€m
2011-21,887-12.6189,725109.6134,96278.0173,070
2012-14,146-8.0210,016119.5151,70086.3175,754
2013-10,296-5.7215,296119.5161,05989.4180,209
2014-7,177-3.7203,326105.3166,79186.3193,160
2015-5,034-2.0201,38478.7171,92667.2255,815
2016-1,526-0.6200,56975.4175,46766.0265,835

Government Deficit of 0.6% of GDP in 2016

Figure 1 General Government Deficit, Gross Debt and Net Debt

In 2016, the General Government deficit was €1.53 billion (-0.6% of GDP), an improvement on the 2015 deficit of €5.0 billion (-2.0% of GDP).  An increase in government revenue of 3.5% coupled with a decrease in government expenditure of 1.4% led to the improvement in the deficit (Table 1).  

The upward trend in tax and social contribution revenues continued in 2016, with increases of €2.4 billion (+4.6%) in Taxes and €0.7 billion (+6.3%) in Social contributions.  There was also a one-off reimbursement of a prepaid margin (€555 million) on a loan from the European Financial Stability Facility (EFSF) recorded as a capital transfer. See box below and Background notes.  These increases were partially offset by a reduction in Investment income of €882m (-33.7%) (Table 1).

Government expenditure fell by 1.4% to €74.6 billion in 2016.  However, when the effect of a one-off capital transfer of €2.1 billion in 2015 is excluded, an increase in €1.0 billion in other expenditure categories is observed in 2016. There were increases in Pay (+2.8%), Use of goods and services (+5.3%) and Gross fixed capital formation(+12.7%).  Debt service costs, or Interest, continued to decrease in 2016 with a reduction of 9.7% (Tables 1 and 4).

Interventions to support financial institutions were almost neutral in their effect on the deficit in 2016 with associated interest costs mainly offset by dividend and interest income.  Investment income fell over the period 2012-2016 as the State reduced its holdings in financial institutions (Table 1).

 

Government Debt falls to 75.4% of GDP in 2016

The General Government Gross Debt (GG Debt) stood at €200.6 billion at the end of 2016 (75.4% of GDP), down from the 2015 figure of €201.4 billion (78.7% of GDP).  The increase in GDP in 2016 coupled with the decrease in GG Debt contributed to the decrease in the debt to GDP ratio (Table 2).

Looking at the composition of GG Debt in 2016 it can be seen that reductions in Debt securities were partially offset by increases in Long-term loans.  On the assets side, the main reductions were in Currency and deposits and Debt securities (Table 6).

At the end of 2016 General Government Net Debt increased by €3.5 billion to €175.5 billion (66.0% of GDP).  This increase was composed of a €0.8 billion reduction in GG Debt and a fall of €4.4 billion in EDP debt instrument assets over the same period (Tables 2 and 7).

The Government Finance Statistics (GFS) 2016 published on 11 April 2017 were updated on 24 April 2017 to align with the final Excessive Deficit Procedure (EDP) tables published by Eurostat.

The changes to the previously published tables reflect the outcome of the Eurostat clarification process for the deficit and debt statistics supplied under the EDP transmission programme. The updated figures show the government deficit for 2016 at €1.53 billion (-0.6% of GDP), a worsening of €170 million from the original estimate of €1.36 billion (-0.5% of GDP). This change results from a review of data inputs as part of the normal EDP clarification process.

Additional tables are included in the release, showing a reconciliation of the Exchequer balance to the General Government balance (Table 8) and a central/local government breakdown of revenue and expenditure. Also published today are the main EDP notification tables for Ireland, details of government guarantees, PPPs and concessions and tables showing the impact of government interventions in the financial sector on government accounts.

Due to the need for publication of GFS to meet the timetables of both the Stability Programme Update (by Department of Finance) and the EDP reporting processes, there may be a need in some years, as in 2017, for an update of GFS to bring the results into line with the EDP tables that are published by Eurostat following the clarification process.

The EDP tables for all Member States were also published on 24 April 2017 at 11 am CET on the Eurostat website.
The one-off revenue of €555 million reported for 2016 arose from the repayment of a prepaid margin (plus interest) related to a loan from the European Financial Stability Facility (EFSF). This treatment is a legacy of the arrangements for this specific loan in the context of the financial crisis. Eurostat have clarified and confirmed this treatment for all affected Member States. Further details are given in the Background notes.

GFS annual results are benchmarked to the most recent EDP notification (31 March 2017). Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

 

 

 

Total RevenueTotal Expenditure
201133.346
201233.841.9
201334.139.9
201434.137.8
201527.629.5
201627.528
Table 1 General Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201120122013201420152016
  
General Government transactions       
  
RevenueTR57,71659,47661,52365,93270,54773,029
Taxes and social contributionsD2 + D5 + D91 + D6149,23150,82152,92257,43162,12365,198
TaxesD2 + D5 + D9138,86340,94742,51346,44850,73553,092
Social contributions D6110,3689,87410,41010,98311,38812,106
Sales of goods and servicesP1O5,1635,0794,9254,8365,2464,846
Investment incomeD42,4543,0273,1812,9642,6191,737
Current transfer revenue (excluding taxes)D7258250196297251251
Capital transfer revenue (excluding taxes)D9N610299298405308997
  
ExpenditureTE79,60273,62171,82073,10875,58174,555
ExpenseExpense78,63073,36972,19672,31074,80173,429
Compensation of employeesD119,38918,99618,59418,34418,91319,449
Use of goods and services plus taxes payableP2 + D5 + D298,8018,3438,1968,9069,2049,692
Depreciation (Consumption of fixed capital)P51c3,3053,3013,2673,4333,6273,832
Interest (excluding FISIM)D415,7647,2947,7197,5836,8406,178
SubsidiesD31,7251,9211,9131,8531,7851,716
Social benefitsD62 + D63228,82729,47628,58328,16828,29028,457
Other current transfersD72,5982,5192,8922,7892,5872,740
Capital transfersD98,2221,5191,0321,2343,5551,365
  
 Net operating balanceNOB-20,916-13,894-10,673-6,378-4,254-400
  
Net acquisition of non-financial assetsP5 + NP - P51c972252-3777987791,126
           
 General Government Surplus/DeficitB9-21,887-14,146-10,296-7,177-5,034-1,526
equals  
Net acquisition of financial assetsΔFA3,7685,927-5,639-18,900-7,525-3,879
Debt instrumentsF2 + F3 + F4-4384,384-4,333-19,584-7,185-4,367
Equity and Investment Fund SharesF53,7031,826-1,307-91240-385
Other financial assetsF6 + F7 + F8 503-2831775-580873
less  
Net incurrence of liabilitiesΔL25,65520,0734,657-11,723-2,491-2,353
Debt instrumentsF2 + F3 + F425,29119,7005,529-12,558-2,797-2,197
Other liabilitiesF5 + F6 + F7 + F8 364373-872835306-156
      
  Memo: Net derivative flows on debt interest swap contracts -132-221-274-264-240-275
       
 General Government Surplus/Deficit (% of GDP) -12.6-8.0-5.7-3.7-2.0-0.6
Government interventions to support financial institutions
 Revenue (a+b+c+d)3,0653,0362,8092,2952,1741,711
 Guarantee fees receivable (a)P131(part)1,2159344201555342
 Interest receivable (b)D4(part)1,0411,5391,090712505135
 Dividends receivable (c) D4(part)333502760761962749
 Other (d) P131(part)47661539668653785
 Expenditure (e+f+g+h) 9,4362,6812,3702,2814,0081,732
 Interest payable (e)D4(part)2,1502,0471,8641,5281,2111,050
 Capital injections recorded as deficit-increasing (capital transfer)(f)D9(part)7,114280002,1110
 Calls on guarantees (g)D9(part)000000
 Other (h)various172353506753686682
Impact of the above interventions on General Government Surplus/Deficit-6,37035543915-1,834-21
  General Government Surplus/Deficit excluding interventions to support financial institutions -15,516-14,500-10,735-7,191-3,200-1,505
Table 2 General Government Net Worth, Gross and Net Debt
            €million
Description ESA2010 code201120122013201420152016
             
General Government net worth       
Net worth at market value, excluding pension liabilitiesNW-19,555-49,496-55,234-58,256-49,877-52,746
equals      
Non-financial assets at market valueNFA85,01687,37190,08195,053100,877102,003
plus      
Financial net worth at market value, excluding pension liabilitiesFNW-104,571-136,867-145,315-153,309-150,754-154,749
equals      
Financial assets at market valueFA88,34592,99994,69484,42884,68980,356
EDP debt instrumentsF2 + F3 + F454,76258,31654,23736,53529,45925,102
Equity and Investment Fund SharesF522,97525,09830,79538,20145,26045,220
Other financial assetsF6 + F7 + F8 10,6089,5859,6629,6929,97010,034
less      
Liabilities at market valueL192,916229,866240,009237,737235,443235,105
EDP debt instrumentsF2 + F3 + F4181,867218,616231,501228,867225,655225,564
Other liabilitiesF5 + F6 + F7 + F811,04911,2508,5088,8709,7889,541
      
Memo: Estimated pension liabilities of government116,00098,00098,00098,00098,00098,000
      
Memo: Net worth, including pension liabilities-135,555-147,496-153,234-156,256-147,877-150,746
      
Contingent liabilities141,994118,92659,52229,41217,25510,330
      
 Memo: Net worth, including pension liabilities and contingent liabilities -277,549-266,422-212,756-185,668-165,132-161,076
General Government: changes in net worth       
Opening net worth6,014-19,555-49,496-55,234-58,256-49,877
      
Change in net worth due to transactions-20,915-13,894-10,673-6,378-4,254-400
Net acquisition of non-financial assets P5 + NP - P51c972252-3777987791,126
Net lending/net borrowingB9-21,887-14,146-10,296-7,177-5,034-1,526
      
Change in net worth due to other economic flowsKx-4,654-16,0474,9353,35612,634-2,469
Other changes in non-financial assets-3482,1033,0874,1735,0450
Other changes in financial assets22,384-1,2737,3348,6347,786-454
Other changes in liabilities-26,690-16,877-5,486-9,451-197-2,015
             
Closing net worth -19,555-49,496-55,234-58,256-49,877-52,746
             
General Government Debt (GGDebt)       
Debt instrument liabilities at market valueF2 + F3 + F4181,867218,616231,501228,867225,655225,564
+ Difference between EDP face value and market value7,858-8,600-16,205-25,541-24,271-24,995
             
 Gross General Government Debt (EDP face value)GGDebt189,725210,016215,296203,326201,384200,569
      
less EDP debt instrument assetsF2 + F3 + F4-54,763-58,316-54,237-36,535-29,458-25,102
 Net General Government Debt GGNetDebt134,962151,700161,059166,791171,926175,467
   
Closing Net Worth (% of GDP) -11.3-28.2-30.6-30.2-19.5-19.8
Gross General Government Debt (% of GDP)109.6119.5119.5105.378.775.4
Net General Government Debt (% of GDP) 78.086.389.486.367.266.0
Table 3 General Government: detailed classification of revenue and output    
           €million
DescriptionESA2010 code201120122013201420152016
            
Total RevenueTR57,71659,47661,52365,93270,54773,029
 Taxes and social contributions 49,23150,82152,92257,43162,12365,198
  TaxesD2 + D5 + D9138,86340,94742,51346,44850,73553,092
   Indirect taxes (taxes on production and imports)D217,77918,36219,29921,19522,45323,580
    Taxes on productsD2115,70516,09916,74918,23819,43020,769
    of which Value-Added TaxD2119,75510,21910,37211,52111,95512,840
    Other taxes on production D292,0742,2622,5502,9573,0232,811
   Direct taxesD520,84222,30022,93524,89427,88129,101
    Taxes on income, profits and capital gainsD5119,43520,83721,29823,01626,60428,045
    Other current direct taxesD591,4071,4631,6371,8781,2761,056
   Capital taxesD91242285278359401411
  Social contributions D6110,3689,87410,41010,98311,38812,106
   Actual social contributionsD611 + D6139,0398,4829,0209,58110,01810,781
    PRSI receipts D611 + D613(pt)7,2686,7997,2997,9478,5129,229
    Government employees' social contributionsD613(pt)1,7701,6821,7211,6331,5061,551
   Employers' imputed social contributionsD6121,3301,3931,3901,4031,3701,325
 Sales of goods and servicesP1O5,1635,0794,9254,8365,2464,846
  Sales of market establishments (= market output)P119059781,0481,1361,2421,362
  Imputed sales related to production of own-use capital assets (= output for own final use)P12583833332121
  Incidental sales and fees of non-market establishmentsP1314,2004,0633,8453,6663,9833,464
 Investment incomeD42,4543,0273,1812,9642,6191,737
  Interest (excluding FISIM)D411,3741,5951,4051,037673255
  DividendsD421,0771,4281,7721,9231,9421,478
  Rent of land and subsoil assetsD45444444
 Current transfer revenueD39 + D7258250196297251251
  SubsidiesD39000000
  Other current transfersD7258250196297251251
   Non-life insurance claimsD721389766
   Other Domestic - Current D7N_S1204200131239193193
   From Rest of World - CurrentD7N_S2414257515252
 Capital transfer revenueD9N610299298405308997
            
Output P131,78831,01430,48831,18432,32333,693
 Market output (sales of market establishments)P119059781,0481,1361,2421,362
 Output for own final useP12583833332121
 Non-market outputP1330,82529,99829,40830,01531,06032,310
  = Non-market compensation of employeesD1_nonmarket19,33118,95818,56118,31118,89319,429
   = Total compensation of employeesD119,38918,99618,59418,34418,91319,449
   - Compensation of employees of market establishmentsD1_market      
   - Compensation related to production of own-use capital assetsD1_own-use-58-38-33-33-21-21
  + Non-market intermediate consumptionP2_nonmarket8,5738,1297,9768,6868,9799,467
   = Total intermediate consumptionP28,8008,3428,1968,9069,2049,692
   - Intermediate consumption of market establishmentsP2_market-227-212-219-219-225-225
   - Intermediate consumption related to production of own-use capital assetsP2_own-use      
  + Non-market consumption of fixed capitalP51c_nonmarket2,9202,9112,8703,0183,1883,415
   = Total consumption of fixed capitalP51c3,3053,3013,2673,4333,6273,832
   - Consumption of fixed capital by market establishmentsP51c_market-385-389-397-415-439-417
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use      
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 4 General Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201120122013201420152016
            
Total ExpenditureTE79,60273,62171,82073,10875,58174,555
            
 Expense 78,63073,36972,19672,31074,80173,429
  Compensation of employeesD119,38918,99618,59418,34418,91319,449
   Of which: Related to production of own-use capital assets 583833332121
  Use of goods and services plus taxes payableP2 + D5 + D298,8018,3438,1968,9069,2049,692
   Use of goods and services [Intermediate consumption]P28,8008,3428,1968,9069,2049,692
    Of which: Intermediate consumption of market establishments 227212219219225225
   Taxes, payableD5110000
  Depreciation (Consumption of fixed capital)P51c3,3053,3013,2673,4333,6273,832
    Of which: Depreciation by market establishments 385389397415439417
  Interest (excluding FISIM)D415,7647,2947,7197,5836,8406,178
   Other domestic interest payableD41_S11,4152,6733,0812,8932,4432,269
   Interest payable to rest of worldD41_S24,3494,6214,6384,6904,3973,908
  SubsidiesD31,7251,9211,9131,8531,7851,716
   Product subsidiesD311,0601,0631,071957882831
   Other subsidies on productionD39665858842897903885
  Social benefitsD62 + D63228,82729,47628,58328,16828,29028,457
   Social benefits in cashD6223,86824,23523,54022,97323,17323,117
   Social benefits in kind (via market producers)D6324,9585,2415,0435,1945,1175,340
  Other current transfersD72,5982,5192,8922,7892,5872,740
   Net non-life insurance premiumsD71477758747979
   Current international cooperationD74547546531435474438
   Miscellaneous current transfersD75854706748798526363
   VAT and GNI based EU budget contributionD761,1501,1901,5561,4831,5071,860
    VAT-based EU own resourcesD761194191194203215219
    GNI-based EU own resourcesD7629569991,3611,2801,2931,641
  Capital transfersD98,2221,5191,0321,2343,5551,365
   Investment grantsD921,1011,2399941,0411,3681,365
   Other capital transfersD997,121280381932,1870
            
 Net acquisition of non-financial assetsP5 + NP - P51c972252-3777987791,126
  = Gross investment in non-financial assetsP5 + NP4,2773,5532,8904,2314,4064,958
   Gross fixed capital formationP514,1663,4703,5304,1714,3464,898
   Net acquisition of stocksP521118383606060
   Net acquisition of unproduced assetsNP00-723000
  - Consumption of fixed capitalP51c-3,305-3,301-3,267-3,433-3,627-3,832
            
Net expenditure on current goods and servicesP3 excl. D63226,62525,93525,56326,34927,07728,847
 = OutputP131,78831,01430,48831,18432,32333,693
 - Sales of goods and services P11+P12+P131-5,163-5,079-4,925-4,836-5,246-4,846
   Market output (sales of market establishments)P11-905-978-1,048-1,136-1,242-1,362
   Output for own final useP12-58-38-33-33-21-21
   Incidental sales and fees of non-market establishmentsP131-4,200-4,063-3,845-3,666-3,983-3,464
            
Final consumption expenditureP331,58331,17630,60531,54332,19434,187
 = Net expenditure on current goods and servicesP3 excl. D63226,62525,93525,56326,34927,07728,847
 + Social transfers in kind via market producers D6324,9585,2415,0435,1945,1175,340
made up of        
 Individual consumption (= social transfers in kind)P31 (= D63)21,49721,36320,85121,49721,75623,016
  Social transfers in kind (via market producers)D6324,9585,2415,0435,1945,1175,340
  Social transfers in kind (provided directly by government)D63116,53916,12215,80916,30216,63917,676
 Collective consumption (= actual final consumption of government)P3210,0869,8139,75410,04610,43811,171
            
Total social transfersD62 + D6345,36645,59844,39244,47044,92946,132
 Social benefits in cashD62 23,86824,23523,54022,97323,17323,117
 Social transfers in kind (= individual consumption)D6321,49721,36320,85121,49721,75623,016
Table 5 General Government financial transactions
      €million
DescriptionESA2010 code201120122013201420152016
        
 Net lending (+) / net borrowing (-)B.9-21,887-14,146-10,296-7,177-5,034-1,526
equals        
Net acquisition of financial assets ΔA3,7685,927-5,639-18,900-7,525-3,879
EDP debt instruments F2 + F3 + F4-4384,384-4,333-19,584-7,185-4,367
 Currency and deposits F2-1,0355,823-1,202-6,344-344-3,145
Debt securities F3-648957-757-1,429-5,834-1,133
Short-term F31-361,0342,697-1,373-1,184-1,034
Long-term F32-612-77-3,454-56-4,650-99
Loans F41,245-2,396-2,374-11,811-1,007-89
Short-term loans F418851,069349-788-530-46
Long-term loans F42360-3,465-2,723-11,023-477-43
Equity and Investment Fund Shares F53,7031,826-1,307-91240-385
Other financial assets F6 + F7 + F8 503-2831775-580873
Insurance, Pensions and Standardised Guarantees F60-101-10
Financial derivatives and Employee Stock Options F7-271-7619697-3670
Other accounts receivable/payableF8774-206-195677-212873
less        
Net incurrence of liabilities ΔL25,65520,0734,657-11,723-2,491-2,353
EDP debt instruments F2 + F3 + F425,29119,7005,529-12,558-2,797-2,197
Currency and deposits F22,8933,802-30,707-10,474-247609
Debt securities F3-8,923-7,49825,4826,0845,526-2,235
Short-term F31-3,464-1,278-1891,415-2,6071,121
Long-term F32-5,459-6,22025,6714,6698,133-3,356
Loans F431,32123,39610,754-8,168-8,076-571
Short-term loans F41-1731,327-479-125-244-340
Long-term loans F4231,49422,06911,233-8,043-7,832-231
Other liabilities F5 + F6 + F7 + F8 364373-872835306-156
Equity and Investment Fund Shares F5000000
Insurance, Pensions and Standardised Guarantees F601-1000
Financial derivatives and Employee Stock Options F731-1-100
    Other accounts receivable/payable F8361371-870836306-156
Table 6 General Government: detailed breakdown of net worth
             €million
DescriptionESA2010 code201120122013201420152016
        
General Government balance sheet       
              
 Net worth at market value, excluding pension liabilitiesNW-19,555-49,496-55,234-58,256-49,877-52,746
 equals       
  Non-financial assets at market valueNFA85,01687,37190,08195,053100,877102,003
 plus       
  Financial net worth at market value, excluding pension liabilitiesFNW-104,571-136,867-145,315-153,309-150,754-154,749
  equals       
   Financial assets at market valueFA88,34592,99994,69484,42884,68980,356
    EDP debt instrumentsF2 + F3 + F454,76258,31654,23736,53529,45925,102
     Currency and depositsF218,86824,85223,64917,37617,25414,107
     Debt securitiesF37,9199,47010,2499,6463,2892,162
      Short-termF31131,0463,7442,3691,184143
      Long-termF327,9078,4246,5057,2772,1042,019
     LoansF427,97523,99420,3399,5138,9168,833
      Short-term loansF418851,9542,3031,516986939
      Long-term loansF4227,09022,04018,0367,9977,9307,894
    Equity and Investment Fund SharesF522,97525,09830,79538,20145,26045,220
    Other financial assetsF6 + F7 + F8 10,6089,5859,6629,6929,97010,034
     Insurance, Pensions and Standardised GuaranteesF6100100
     Financial derivatives and Employee Stock OptionsF71,6948971,1353528123
     Other accounts receivable/payableF88,9138,6888,5279,3399,15810,031
  less       
   Liabilities at market valueL192,916229,866240,009237,737235,443235,105
    EDP debt instrumentsF2 + F3 + F4181,867218,616231,501228,867225,655225,564
     Currency and depositsF258,38862,09931,35620,91820,71321,315
     Debt securitiesF385,19494,287126,265142,372146,741145,193
      Short-termF313,7962,5722,3953,7631,1882,278
      Long-termF3281,39891,715123,870138,609145,552142,915
     LoansF438,28562,23073,88065,57758,20159,056
      Short-term loansF415581,8841,4401,2901,029683
      Long-term loansF4237,72760,34572,44064,28757,17158,373
    Other liabilitiesF5 + F6 + F7 + F811,04911,2508,5088,8709,7889,541
     Equity and Investment Fund SharesF5000000
     Insurance, Pensions and Standardised GuaranteesF6010000
     Financial derivatives and Employee Stock OptionsF72,9742,8029324571,068977
     Other accounts receivable/payableF88,0758,4477,5768,4138,7208,564
              
              
  Memo: Estimated pension liabilities of government 116,00098,00098,00098,00098,00098,000
              
 Memo: Net worth, including pension liabilities -135,555-147,496-153,234-156,256-147,877-150,746
              
  Contingent liabilities 141,994118,92659,52229,41217,25510,330
   Guarantees 138,723115,55556,02025,14512,6045,276
   Off-balance sheet PPPs and concessions 3,2713,3713,5024,2664,6515,054
              
 Memo: Net worth, including pension liabilities and contingent liabilities -277,549-266,422-212,756-185,668-165,132-161,076
              
Change in net worth of government       
              
 Opening net worth 6,014-19,555-49,496-55,234-58,256-49,877
              
 Change in net worth due to transactions -20,915-13,894-10,673-6,378-4,254-400
  Net acquisition of non-financial assets P5 + NP - P51c972252-3777987791,126
  Net lending/net borrowingB9-21,887-14,146-10,296-7,177-5,034-1,526
   = Net acquisition of financial assets 3,7685,927-5,639-18,900-7,525-3,879
   - Net incurrence of liabilities -25,655-20,073-4,65711,7232,4912,353
              
 Change in net worth due to other economic flowsKx-4,654-16,0474,9353,35612,634-2,469
  Other changes in non-financial assets -3482,1033,0874,1735,0450
  Other changes in financial net worth -4,306-18,1501,848-8177,589-2,469
   = Other changes in financial assets 22,384-1,2737,3348,6347,786-454
     EDP debt instruments 21,722-8302541,88210910
     Equity and Investment Fund Shares -8582977,0047,4976,819345
     Other financial assets 1,520-74076-745858-809
   - Other changes in liabilities -26,690-16,877-5,486-9,451-197-2,015
     EDP debt instruments -23,615-17,049-7,356-9,924415-2,106
     Other liabilities -3,0751721,870473-61291
              
              
Closing net worth -19,555-49,496-55,234-58,256-49,877-52,746
Table 7 General Government Gross and Net Debt
          €million
DescriptionESA2010 code201120122013201420152016
           
General Government Debt       
           
  Debt instrument liabilities at market value 181,867218,616231,501228,867225,655225,564
  + Difference between face value and market value 7,858-8,600-16,205-25,541-24,271-24,995
           
Gross General Government Debt (face value)GGDebt189,725210,016215,296203,326201,384200,569
By category:       
 Currency and deposits F258,38662,09231,35620,91820,71321,315
 Debt securitiesF394,03187,326112,665119,078125,565124,025
  Short-termF313,7942,5642,3893,7601,1822,273
  Long-termF3290,23684,762110,276115,318124,383121,752
 LoansF437,30860,59771,27563,33055,10655,229
  Short-termF415581,8841,4401,2901,026681
  Long-termF4236,75058,71369,83662,04054,08054,548
           
less EDP debt instrument assetsF2 + F3 + F454,76358,31654,23736,53529,45825,102
 By category:       
 Currency and deposits F218,86824,85223,64917,37617,25414,107
 Debt securitiesF37,9209,47010,2499,6463,2882,162
  Short-termF31131,0463,7442,3691,184143
  Long-termF327,9078,4246,5057,2772,1042,019
 LoansF427,97523,99420,3399,5138,9168,833
  Short-termF418851,9542,3031,516986939
  Long-termF4227,09022,04018,0367,9977,9307,894
           
 Net General Government Debt (face value)GGNetDebt134,962151,700161,059166,791171,926175,467
 By category:       
 Currency and deposits F239,51837,2407,7073,5423,4597,208
 Debt securities F386,11177,856102,416109,432122,277121,863
  Short-termF313,7811,518-1,3551,391-22,130
  Long-termF3282,32976,338103,771108,041122,279119,733
 LoansF49,33336,60350,93653,81746,19046,396
  Short-termF41-327-70-863-22640-258
  Long-termF429,66036,67351,80054,04346,15046,654
Table 8 Reconciliation of Exchequer Balance to General Government Deficit
       € million
Description ESA2010 code2013201420152016
      
Exchequer balance -11,503-8,189-64-1,012
      
Deduct cash inflows which do not increase financial net worth -2,697-4,308-9,175-4,072
Inflows from sale or redemption of financial assets -2,693-4,294-9,164-4,067
Incurrence of Exchequer liability to Central Bank for notes and coins in circulation -5-13-10-5
      
Exclude cash outflows which do not reduce financial net worth 2,3164,6124,9111,572
Acquisition of financial assets 2,3034,5994,6761,572
Repayment of promissory notes notional loan principal 13132340
Redemption of Exchequer liability to Central Bank for notes and coins in circulation 0000
      
Impact on financial net worth of Exchequer cash transactions -11,885-7,884-4,328-3,512
      
Adjust for impact of non-cash revenue and disposals of non-financial asset (+) 813409143614
Difference between Exchequer cash tax revenue and time-adjusted Revenue Net Receipts 161473228506
Receipts due from EU (Agriculture grants, Cohesion Fund, ESF and ERDF) -41-87-134139
Accrual of interest due on contingent capital assets assigned to banks -45010-69
Licence sales 738234038
Other accrued revenue 0000
      
Adjust for impact of non-cash expenditure (-) 74-240238903
Capital transfers to financial institutions financed by promissory notes 121216459
Difference between interest paid and accrued -3259148521
Difference between Exchequer cash issues and accrued net spending of departments and offices -4198-135-37
Other accrued expenditure 98-509210-40
      
Surplus/Deficit of ExchequerB9_exchequer-10,998-7,715-3,946-1,996
      
Surplus/Deficit of extra-budgetary bodies, funds and accounts consolidated with Exchequer -13614813313
Social Insurance Fund -11837266
Bank & Deposit Guarantee Schemes -191-12-19-242
Capital Services Redemption Account 0000
Small Savings Reserve Fund 0000
Other Extra-Budgetary Funds 5517166189
Health Service Executive 1160-860
      
Surplus/Deficit of Budgetary Central GovernmentB9_bcg-11,134-7,567-3,813-1,983
      
Surplus/Deficit of other Central Government bodies 847287313191
National Pensions Reserve Fund 43122164063
Non-market State corporations and agencies 38262-330128
Voluntary and joint board hospitals 34430
Other adjustments 00-2,1110
Conversion of AIB Preference shares into Ordinary shares 00-2,1110
      
Surplus/Deficit of Central Government B9_S1311-10,287-7,280-5,611-1,791
      
Surplus/Deficit of Local Government B9_S1313-9103578265
      
Surplus/Deficit of General Government B9_S13-10,296-7,177-5,034-1,526
Table 10 Central Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201120122013201420152016
  
Central Government transactions       
  
RevenueTR54,15855,80858,01162,51767,08569,409
Taxes and social contributionsD2 + D5 + D91 + D6147,55449,01151,18955,73060,51363,583
TaxesD2 + D5 + D9137,51839,46541,10645,04549,38851,745
Social contributions D6110,0369,54510,08310,68511,12511,838
Sales of goods and servicesP1O3,5733,4793,3183,3633,6743,154
Investment incomeD42,4533,0283,2322,9952,6291,757
Current transfer revenue (excluding taxes)D7214207170256214214
Capital transfer revenue (excluding taxes)D9N3648310217356701
  
ExpenditureTE75,88969,86068,29869,79672,69671,200
ExpenseExpense75,21669,20068,00068,16871,30469,338
Compensation of employeesD117,20416,84916,56816,79017,40317,896
Use of goods and services plus taxes payableP2 + D5 + D296,7776,4646,7967,2067,5017,936
Depreciation (Consumption of fixed capital)P51c1,4881,4551,3961,9332,1272,332
Interest (excluding FISIM)D415,7427,2727,6977,5706,8256,163
SubsidiesD31,7251,9211,9131,8531,7851,716
Social benefitsD62 + D63227,35427,90427,05726,82926,83826,875
Other current transfersD75,0424,7314,6454,3424,1884,390
Capital transfersD99,8852,6041,9291,6444,6382,029
  
 Net operating balanceNOB-21,058-13,393-9,990-5,651-4,21972
  
Net acquisition of non-financial assetsP5 + NP - P51c6736602981,6291,3921,863
           
 Central Government Surplus/DeficitB9-21,731-14,053-10,287-7,280-5,611-1,791
Table 11 Central Government: detailed classification of revenue and output    
           €million
DescriptionESA2010 code201120122013201420152016
            
Total RevenueTR54,15855,80858,01162,51767,08569,409
 Taxes and social contributions 47,55449,01151,18955,73060,51363,583
  TaxesD2 + D5 + D9137,51839,46541,10645,04549,38851,745
   Indirect taxes (taxes on production and imports)D216,43716,88417,89219,79221,10722,233
    Taxes on productsD2115,70516,09916,74918,23819,43020,769
    of which Value-Added TaxD2119,75510,21910,37211,52111,95512,840
    Other taxes on production D297327841,1441,5541,6771,464
   Direct taxesD520,84222,30022,93524,89427,88129,101
    Taxes on income, profits and capital gainsD5119,43520,83721,29823,01626,60428,045
    Other current direct taxesD591,4071,4631,6371,8781,2761,056
   Capital taxesD91239282278359401411
  Social contributions D6110,0369,54510,08310,68511,12511,838
   Actual social contributionsD611 + D6138,8398,2928,8329,4519,89210,650
    PRSI receipts D611 + D613(pt)7,2686,7997,2997,9478,5129,229
    Government employees' social contributionsD613(pt)1,5711,4931,5341,5031,3801,425
   Employers' imputed social contributionsD6121,1971,2531,2511,2351,2331,188
 Sales of goods and servicesP1O3,5733,4793,3183,3633,6743,154
  Sales of market establishments (= market output)P11000000
  Imputed sales related to production of own-use capital assets (= output for own final use)P12583833332121
  Incidental sales and fees of non-market establishmentsP1313,5153,4413,2853,3303,6533,134
 Investment incomeD42,4533,0283,2322,9952,6291,757
  Interest (excluding FISIM)D411,3731,5961,4561,068683275
   of which received from local governmentD41_LG1189799715050
  DividendsD421,0771,4281,7721,9231,9421,478
  Rent of land and subsoil assetsD45444444
 Current transfer revenueD39 + D7214207170256214214
  SubsidiesD39000000
  Other current transfersD7214207170256214214
   Non-life insurance claimsD721389766
   Grants from local governmentD73333333
   Other Domestic - Current D7N_S1158155102196153153
   From Rest of World - CurrentD7N_S2414257515252
 Capital transfer revenueD9N3648310217356701
            
Output P125,46724,76724,75925,92927,03128,163
 Market output (sales of market establishments)P11000000
 Output for own final useP12583833332121
 Non-market outputP1325,40924,72924,72625,89627,01028,143
  = Non-market compensation of employeesD1_nonmarket17,14616,81116,53516,75717,38217,875
   = Total compensation of employeesD117,20416,84916,56816,79017,40317,896
   - Compensation of employees of market establishmentsD1_market00000-1
   - Compensation related to production of own-use capital assetsD1_own-use-58-38-33-33-21-21
  + Non-market intermediate consumptionP2_nonmarket6,7756,4636,7967,2067,5017,936
   = Total intermediate consumptionP26,7756,4636,7967,2067,5017,936
   - Intermediate consumption of market establishmentsP2_market000000
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,4881,4551,3961,9332,1272,332
   = Total consumption of fixed capitalP51c1,4881,4551,3961,9332,1272,332
   - Consumption of fixed capital by market establishmentsP51c_market000000
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 12 Central Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201120122013201420152016
            
Total ExpenditureTE75,88969,86068,29969,79672,69671,200
            
 Expense 75,21669,20068,00068,16871,30469,338
  Compensation of employeesD117,20416,84916,56816,79017,40317,896
   Of which: Related to production of own-use capital assets 583833332121
  Use of goods and services plus taxes payableP2 + D5 + D296,7776,4646,7967,2067,5017,936
   Use of goods and services [Intermediate consumption]P26,7756,4636,7967,2067,5017,936
    Of which: Intermediate consumption of market establishments 000000
   Taxes, payableD5110000
  Depreciation (Consumption of fixed capital)P51c1,4881,4551,3961,9332,1272,332
    Of which: Depreciation by market establishments 000000
  Interest (excluding FISIM)D415,7427,2727,6977,5706,8256,163
   Other domestic interest payableD41_S11,3932,6513,0592,8792,4282,254
   Interest payable to rest of worldD41_S24,3494,6214,6384,6904,3973,908
  SubsidiesD31,7251,9211,9131,8531,7851,716
   Product subsidiesD311,0601,0631,071957882831
   Other subsidies on productionD39665858842897903885
  Social benefitsD62 + D63227,35427,90427,05726,82926,83826,875
   Social benefits in cashD6223,09923,45622,88522,60822,80822,752
   Social benefits in kind (via market producers)D6324,2554,4484,1724,2214,0304,123
  Other current transfersD75,0424,7314,6454,3424,1884,390
   Net non-life insurance premiumsD71477758747979
   Current grants to local governmentD73 _LG2,4902,2571,7981,6001,6491,697
   Current international cooperationD74547546531435474438
   Miscellaneous current transfersD75808661703751479316
   VAT and GNI based EU budget contributionD761,1501,1901,5561,4831,5071,860
    VAT-based EU own resourcesD761194191194203215219
    GNI-based EU own resourcesD7629569991,3611,2801,2931,641
  Capital transfersD99,8852,6041,9291,6444,6382,029
   Capital grants to local governmentD9_LG1,8511,3571,1326411,300881
   Investment grantsD929139667598101,1511,148
   Other capital transfersD997,121280381932,1870
            
 Net acquisition of non-financial assetsP5 + NP - P51c6736602981,6291,3921,863
  = Gross investment in non-financial assetsP5 + NP2,1612,1161,6953,5623,5194,195
   Gross fixed capital formationP512,0502,0332,3353,5023,5194,135
   Net acquisition of stocksP521118383606060
   Net acquisition of unproduced assetsNP00-7230-600
  - Consumption of fixed capitalP51c-1,488-1,455-1,396-1,933-2,127-2,332
            
Net expenditure on current goods and servicesP3 excl. D63221,89421,28821,44222,56723,35725,009
 = OutputP125,46724,76724,75925,92927,03128,163
 - Sales of goods and services P11+P12+P131-3,573-3,479-3,318-3,363-3,674-3,154
   Market output (sales of market establishments)P11000000
   Output for own final useP12-58-38-33-33-21-21
   Incidental sales and fees of non-market establishmentsP131-3,515-3,441-3,285-3,330-3,653-3,134
            
Final consumption expenditureP326,14925,73625,61326,78827,38729,132
 = Net expenditure on current goods and servicesP3 excl. D63221,89421,28821,44222,56723,35725,009
 + Social transfers in kind via market producers D6324,2554,4484,1724,2214,0304,123
made up of        
 Individual consumption (= social transfers in kind)P31 (= D63)19,08418,94618,57519,50519,64220,886
  Social transfers in kind (via market producers)D6324,2554,4484,1724,2214,0304,123
  Social transfers in kind (provided directly by government)D63114,82914,49814,40415,28415,61316,763
 Collective consumption (= actual final consumption of government)P327,0656,7907,0387,2837,7448,246
            
Total social transfersD62 + D6342,18242,40241,46042,11342,45043,638
 Social benefits in cashD62 23,09923,45622,88522,60822,80822,752
 Social transfers in kind (= individual consumption)D6319,08418,94618,57519,50519,64220,886
Table 13 Local Government transactions: revenue, expenditure, financing and deficit
         €million
DescriptionESA2010 code201120122013201420152016
  
Local Government transactions       
  
RevenueTR8,0197,3836,5445,7306,4636,252
Taxes and social contributionsD2 + D5 + D91 + D611,6781,8101,7331,7011,6101,615
TaxesD2 + D5 + D911,3451,4811,4071,4031,3471,347
Social contributions D61333329326298263268
Sales of goods and servicesP1O1,5901,6001,6081,4731,5721,692
Investment incomeD41199749404030
Current transfer revenue (excluding taxes)D72,5362,3021,8271,6431,6891,737
Capital transfer revenue (excluding taxes)D9N2,0961,5731,3288731,5521,177
  
ExpenditureTE8,1757,4766,5535,6275,8865,986
ExpenseExpense7,8777,8847,2286,4586,4986,723
Compensation of employeesD12,1852,1472,0271,5541,5101,553
Use of goods and services plus taxes payableP2 + D5 + D292,0251,8791,4001,7001,7041,756
Depreciation (Consumption of fixed capital)P51c1,8171,8451,8711,5001,5001,500
Interest (excluding FISIM)D41141120122856565
SubsidiesD3000000
Social benefitsD62 + D6321,4731,5731,5271,3391,4521,582
Other current transfersD7484848505050
Capital transfersD9188273235231217217
  
 Net operating balanceNOB143-501-684-728-35-472
  
Net acquisition of non-financial assetsP5 + NP - P51c299-408-675-831-613-737
           
 Local Government Surplus/DeficitB9-156-93-9103578265
Table 14 Local Government: detailed classification of revenue and output    
           €million
DescriptionESA2010 code201120122013201420152016
            
Total RevenueTR8,0197,3836,5445,7306,4636,252
 Taxes and social contributions 1,6781,8101,7331,7011,6101,615
  TaxesD2 + D5 + D911,3451,4811,4071,4031,3471,347
   Indirect taxes (taxes on production and imports)D21,3421,4781,4071,4031,3471,347
   Other taxes on production D291,3421,4781,4071,4031,3471,347
   Capital taxesD91330000
  Social contributions D61333329326298263268
   Actual social contributionsD611 + D613200190187130126131
   Employers' imputed social contributionsD612133139139168137137
 Sales of goods and servicesP1O1,5901,6001,6081,4731,5721,692
  Sales of market establishments (= market output)P119059781,0481,1361,2421,362
  Imputed sales related to production of own-use capital assets (= output for own final use)P12000000
  Incidental sales and fees of non-market establishmentsP131685622560337330330
 Investment incomeD41199749404030
  Interest (excluding FISIM)D411199749404030
  in which received from Central GovernmentD41_CG000000
  DividendsD42000000
 Current transfer revenueD39 + D72,5362,3021,8271,6431,6891,737
  SubsidiesD39000000
  Other current transfersD72,5362,3021,8271,6431,6891,737
   Grants from central governmentD732,4902,2571,7981,6001,6491,697
   Other Domestic - Current D7N_S1464529434040
 Capital transfer revenueD9N2,0961,5731,3288731,5521,177
   Grants from central governmentD9N_CG1,8511,3571,1326411,300881
   Other capital transfers receivableD99246216196232252296
            
Output P16,3206,2475,7295,2555,2925,530
 Market output (sales of market establishments)P119059781,0481,1361,2421,362
 Output for own final useP12000000
 Non-market outputP135,4155,2694,6814,1194,0504,168
  = Non-market compensation of employeesD1_nonmarket2,1852,1472,0271,5541,5101,554
   = Total compensation of employeesD12,1852,1472,0271,5541,5101,553
   - Compensation of employees of market establishmentsD1_market000001
   - Compensation related to production of own-use capital assetsD1_own-use000000
  + Non-market intermediate consumptionP2_nonmarket1,7981,6671,1811,4801,4781,531
   = Total intermediate consumptionP22,0251,8791,4001,7001,7041,756
   - Intermediate consumption of market establishmentsP2_market-227-212-219-219-225-225
   - Intermediate consumption related to production of own-use capital assetsP2_own-use000000
  + Non-market consumption of fixed capitalP51c_nonmarket1,4321,4561,4741,0851,0611,083
   = Total consumption of fixed capitalP51c1,8171,8451,8711,5001,5001,500
   - Consumption of fixed capital by market establishmentsP51c_market-385-389-397-415-439-417
   - Consumption of fixed capital related to production of own-use capital assetsP51c_own-use000000
  + Other taxes on production, payable D29_pay000000
  - Other subsidies on production, receivableD39_rec000000
Table 15 Local Government: detailed classification of expenditure and consumption
           €million
DescriptionESA2010 code201120122013201420152016
            
Total ExpenditureTE8,1757,4766,5535,6275,8865,986
            
 Expense 7,8777,8847,2286,4586,4986,723
  Compensation of employeesD12,1852,1472,0271,5541,5101,553
   Of which: Related to production of own-use capital assets 000000
  Use of goods and services plus taxes payableP2 + D5 + D292,0251,8791,4001,7001,7041,756
   Use of goods and services [Intermediate consumption]P22,0251,8791,4001,7001,7041,756
    Of which: Intermediate consumption of market establishments 227212219219225225
   Taxes, payableD5 + D29000000
  Depreciation (Consumption of fixed capital)P51c1,8171,8451,8711,5001,5001,500
    Of which: Depreciation by market establishments 385389397415439417
  Interest (excluding FISIM)D41141120122856565
   Interest payable to central governmentD41_CG1189799715050
   Other domestic interest payableD41_S1222222131515
  SubsidiesD3000000
  Social benefitsD62 + D6321,4731,5731,5271,3391,4521,582
   Social benefits in cashD62770779656366365365
   Social benefits in kind (via market producers)D6327047948719731,0871,217
  Other current transfersD7484848505050
   Grants to central governmentD73_CG333333
   Miscellaneous current transfersD75464545474747
  Capital transfersD9188273235231217217
   Investment grantsD92188273235231217217
            
 Net acquisition of non-financial assetsP5 + NP - P51c299-408-675-831-613-737
  = Gross investment in non-financial assetsP5 + NP2,1161,4371,195669887763
   Gross fixed capital formationP512,1161,4371,195669828763
   Net acquisition of stocksP52000000
   Net acquisition of unproduced assetsNP0000600
  - Consumption of fixed capitalP51c-1,817-1,845-1,871-1,500-1,500-1,500
            
Net expenditure on current goods and servicesP3 excl. D6324,7304,6474,1213,7823,7203,838
 = OutputP16,3206,2475,7295,2555,2925,530
 - Sales of goods and services P11+P12+P131-1,590-1,600-1,608-1,473-1,572-1,692
   Market output (sales of market establishments)P11-905-978-1,048-1,136-1,242-1,362
   Output for own final useP12000000
   Incidental sales and fees of non-market establishmentsP131-685-622-560-337-330-330
            
Final consumption expenditureP35,4345,4414,9924,7554,8075,054
 = Net expenditure on current goods and servicesP3 excl. D6324,7304,6474,1213,7823,7203,838
 + Social transfers in kind via market producers D6327047948719731,0871,217
made up of        
 Individual consumption (= social transfers in kind)P31 (= D63)2,4142,4172,2761,9922,1142,130
  Social transfers in kind (via market producers)D6327047948719731,0871,217
  Social transfers in kind (provided directly by government)D6311,7101,6241,4051,0191,027913
 Collective consumption (= actual final consumption of government)P323,0203,0232,7162,7632,6932,925
            
Total social transfersD62 + D633,1833,1962,9322,3582,4792,495
 Social benefits in cashD62 770779656366365365
 Social transfers in kind (= individual consumption)D632,4142,4172,2761,9922,1142,130

Background Notes

Introduction

This release comprises the official publication by CSO of annual Government Finance Statistics (GFS) results for years 2011 to 2016.  The data in this release has been subject to the normal verification process by Eurostat until 24 April 2017.

The full suite of GFS tables are also available on the CSO’s website by following the link:

http://www.cso.ie/en/statistics/nationalaccounts/governmentfinancestatistics/

The data published in this series are consistent with the General Government Deficit and Debt levels reported at end-March 2017 under the EU regulation governing the Excessive Deficit Procedure (EDP).  Consequently, they may not always be fully aligned with the National Income and Expenditure and related publications such as the Institutional Sector Accounts.

The official publication by Eurostat of deficit and debt levels for all EU Member States is due on 24 April 2017. The EDP notification for Ireland and some supplementary tables have be published by the CSO on this date also.

Treatment of pre-paid margin on borrowing from the European Financial Stability Facility (EFSF)

The general government debt (GG Debt) of Ireland includes borrowings from the European Financial Stability Facility (EFSF). The terms of the agreement establishing the EFSF were that it was a facility to make loans to euro area Member States and to finance such loans by issuing or entering into funding instruments backed by guarantees.  The financing was made available in the context of the financial crisis as a facility for Member States “in difficulties caused by exceptional circumstances beyond such Member States' control”.

The first of these loans to Ireland was drawn down in February 2011 and had an original maturity date of 18 July 2016.  In accordance with the arrangements for EFSF borrowing at that time, a pre-paid margin of €530 million was deducted from the loan amount on disbursement and held as a cash reserve, essentially as a form of security.

The total amount shown on the GG Debt for Ireland in relation to this loan was €4,194 million. This sum includes the full pre-paid margin of €530 million. There was also a counterbalancing asset in the amount of the margin shown in the accounts.

Following a decision of the relevant Heads of State and Government on 21 July 2011 the margin was no longer applicable to new loans, and the reimbursement of the prepaid margin plus interest earned over the period fell due to Ireland and the member state guarantors (€485 million and €45 million respectively) in proportion to the duration of the loan before and after 21 July 2011.  For Ireland, therefore, this reimbursement fell due on 18 July 2016*.  On this date a payment of €554.9 million was received.  This payment comprises the portion of the pre-paid margin due to the Exchequer (covering the period from 21 July 2011 onwards) plus interest income.

Following clarification from Eurostat the original margin of €530 million has been recorded as interest expenditure over the period of the loan (2011-2016) and the rebate of €554.9 million has been treated as one-off capital transfer revenue in 2016.  This treatment is specific to this particular loan and applies to all Member States involved in this type of borrowing from the EFSF. It does not apply to other loans drawn down from the EFSF or other programme funding accessed by Ireland during the financial crisis.

The impact of this decision is reflected in the figures published by the CSO on 24 April 2017.

*In 2013 the original loan was extended and split into two separate loans, with maturity dates in 2032 and 2033. However, the agreement to reimburse the prepaid margin on the maturity date of the original loan held under the new arrangements.

Guidance on sale of licences

On 27 March 2017 Eurostat published a guidance note on the recording of revenues arising from the sale of licences by government – see http://ec.europa.eu/eurostat/documents/1015035/7959867/Mobile-phone-licences-exploration-rights-and-other-licences.pdf   

This clarifies the rules for whether sales of licences by government for use of natural resources (e.g. use of the electromagnetic spectrum for mobile phone transmissions) should be treated as the direct sale of an asset, resulting in a once-off revenue or as the rent of an asset over a prolonged period resulting in a series of revenue over the period of the licence.

As a result the CSO are currently reviewing the treatment of past sales of mobile phone licences to bring these into line with the updated guidance.  The results of this work will be reflected in the summer publication of Government Income and Expenditure.

GDP used in publication

The GDP figures used in the current publication are consistent with those published in the National Income and Expenditure 2015 and the latest Quarterly National Accounts publication.

Register of Public Sector Bodies

The CSO is required to define the scope of the public sector (which includes the General Government Sector) for the official reporting of Ireland’s General Government Deficit/Surplus, Government Debt, and other Government Finance Statistics.  In this context, the public sector includes all bodies that are directly or indirectly controlled by a Government department or office, or by a local authority.  General Government, in turn, includes all public sector bodies that are also mainly financed by Government bodies.  The decision rules governing the classification of bodies to the public and General Government sectors are set out in detail in Eurostat’s Manual on Government Deficit and Debt (MGDD).

The CSO’s Register of Public Sector bodies is updated twice a year to coincide with the submission of government deficit and debt figures to Eurostat under the Excessive Deficit Procedure. It reflects any changes in the composition of the government sector since the previous update.  

Copies of documents relating to classification decisions can be seen by following the link:

http://www.cso.ie/en/surveysandmethodology/nationalaccounts/classificationdecisions/

A detailed explanation of the application of these rules and the most up-to-date list of public sector bodies (including general government bodies) for Ireland is also shown at this link.

Contingent Liabilities

   (a)   Public Private Partnerships (PPPs) and concessions

The terms “PPP” and concessions are used to describe long-term contractual arrangements between a government body and a private operator for the provision of a public asset and related services.  A key distinction between a PPP and a concession is that in a PPP arrangement the majority of payments to the private partner are made by government while in a concession the majority of payments come from the end users of the asset.

The figures included in Table 6 for the value of off-balance sheet PPPs and concessions previously included both PPPs and some concession projects which had been historically recorded as PPPs in Ireland’s reporting to Eurostat.  Following the latest Eurostat dialogue visit to Ireland in 2017 it was clarified that only genuine PPPs and not concessions should be included in the EDP reporting to Eurostat on contingent liabilities of Member States.  For completeness, in this publication all off-balance sheet PPPs and concessions are now shown as part of the national reporting of contingent liabilities, resulting in an increase in the overall total to that previously reported. The Eurostat total of contingent liabilities which is based on PPPs, not including concessions, will be reduced in future EU and Department of Finance publications as a result of the exclusion of concession projects from this total. 

The figures in this release reflect nominal design and construction value.  A further breakdown of these figures have been published on 24 April 2017 along with other EDP tables for Ireland.

   (b)   Guarantees

This item refers to the stock of debt of non-government bodies guaranteed by government and is based on Statement 1.11 of the Finance Accounts.  

   (c) Pension Liabilities

The estimated pension liability of government (the accrued liability in respect of Public Service occupational pensions) is a contingent liability of government and does not form part of the ESA accounts of general government.  It is shown in this release as a memorandum item.  The value shown for years 2009-2011 of €116 billion was calculated by the Comptroller and Auditor General.  The value of this liability is reduced by €18 billion to €98 billion with effect from 2012. This follows an actuarial valuation carried out by the Department of Public Service and Reform.   The main reasons for the reduction were the pay and pension cuts since 2009 and the freeze in pay and pension rates until after the Haddington Road Agreement.  Details on this updated estimate can be accessed at:

 http://www.per.gov.ie/public-service-pensions-accrued-liability/

Government Finance Statistics – Concepts and Definitions

Government Finance Statistics (GFS) form the basis for fiscal monitoring in Europe, in particular in relation to the Excessive Deficit Procedure (EDP). 

European GFS, including EDP statistics are produced according to the legally binding accounting rules of the European System of Accounts (ESA2010).  The Manual on Government Debt and Deficit (MGDD) provides further guidance on the implementation of ESA 2010 in the context of GFS. 

EU Member States are required to report government deficit/surplus and debt data biannually under the EDP (before 1 April and 1 October in year N) for years N-4 to N-1 calendar years as well as a forecast for the current year. The data are reported in harmonised tables, which provide a consistent framework for the presentation of this data by Member States. The tables provide a structure for linking national budgetary aggregates with government deficit and debt.

In addition to the EDP transmission programme, detailed statistics on government revenue and expenditure are also provided to Eurostat under the ESA transmission programme.  For quarterly data the main tables reported are:

Table 801   Quarterly Non-financial accounts by sector  

Table 2500 Quarterly Short Term Statistics (Revenue and Expenditure) for general government

Table 2700 Quarterly financial accounts for general government

Table 2800 Quarterly government debt

These data are available on the Eurostat website. 

http://ec.europa.eu/eurostat/web/government-finance-statistics/data/main-tables

Definition of General Government and its subsectors

The general government sector of the economy, is defined in ESA2010 paragraph 2.111 as “institutional units which are non-market producers whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth.” General government comprises the sub-sectors central government (S.1311), state government (S.1312 – which does not apply in Ireland), local government (S.1313), and social security funds (S.1314 – which does not apply in Ireland),

General Government Deficit/Surplus (GG Deficit/Surplus) is the standard European measure of the fiscal balance, which is used to monitor compliance with the Stability and Growth Pact.

This measure is by definition equal to both Total Revenue (TR) less Total Expenditure (TE), and Net Acquisition of Financial Assets less Net Incurrence of Liabilities. In order to respect this accounting identity, a technical adjustment is made to the level of transactions recorded in liability category F32 (long-term debt securities) to eliminate any statistical discrepancy between the two approaches to the calculation of GG Deficit/Surplus. This adjustment has no impact on gross debt, net debt or net worth.

General Government Gross Debt (GG Debt) is defined in the EU regulations implementing the Maastricht Treaty as the gross debt liabilities of the consolidated General Government sector, at nominal value.

‘Gross’ means that the value of any financial assets held by General Government cannot be deducted from the GG Debt. In Ireland’s case, this means that the liquid assets which are deducted from the ‘gross’ National Debt in arriving at the audited National Debt cannot be deducted from the GG Debt.

‘Debt liabilities’ are defined as the ESA 2010 categories AF.2 (Currency and Deposits), AF.3 (Debt Securities), and AF.4 (Loans).

This definition excludes liabilities in derivatives, equity liabilities, pension and insurance liabilities and accounts payable.

‘Consolidated’ means that any money owed by one entity within General Government to another is excluded from the total GG Debt.

‘Nominal value’ is defined in the governing regulation as face value.  If debt is sold at a discount, it is the undiscounted value of the instrument, rather than the amount actually received, that is shown in the GG Debt. In other statistical contexts, ‘nominal value’ means face value plus any interest accrued but not paid; however, such interest is excluded from GG Debt by definition.

General Government Net Debt is a measure produced in accordance with the methodology of the IMF/World Bank Public Sector Debt Statistics Guide, by subtracting from the GG Debt figure the value of the financial assets corresponding to the categories of financial liabilities which comprise GG Debt.

General Government Net Worth is calculated as the sum of financial and non-financial assets of General Government less financial liabilities. 

Detailed codes and technical definitions can be seen in the ESA 2010 manual available at

http://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334

A listing of some of the main items included in this release is shown below.

Main Components of General Government Expenditure and Revenue

P.2       Intermediate consumption – value of goods and services used in the process of production, excluding fixed assets.

P.5       Gross capital formation.

            P.51g   Gross fixed capital formation - acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by productive activity. Fixed assets are tangible or intangible assets produced as outputs from processes of production that are themselves used repeatedly, or continuously, in processes of production for more than one year.

            P.51c   Consumption of fixed capital - the amount of fixed assets used up, during the period under consideration, as a result of normal wear and tear and foreseeable obsolescence, including a provision for losses of fixed assets as a result of accidental damage which can be insured against.

P.52     Changes in inventories.

P.53     Acquisitions less disposals of valuables.

D.1      Compensation of employees – the total remuneration of government employees.

D.29    Other taxes on production (payable) all taxes that enterprises incur as a result of engaging in production, independently of the quantity or value of the goods and services produced or sold. These include taxes on use or ownership of land or buildings, taxes on use of fixed assets, taxes on total wage bill and payroll, taxes on international transactions related to production.

D.3      Subsidies (payable) - current unrequited payments which general government or the institutions of the European Union make to resident  producers, with the objective of influencing their levels of production, their prices or the remuneration of the factors of production.

D.4      Property income accrues when the owners of financial assets and natural resources put them at the disposal of other units of the economy. The income payable for the use of financial assets is called investment income, while that payable for the use of a natural resource is called rent. Property income is the sum of investment income and rent.

           D.41    Interest receivable by the owners of a financial asset for putting it at the disposal of another institutional unit - applies to deposits (AF.2), debt securities (AF.3), loans (AF.4) and other accounts payable (AF.8).

           D.42    Dividends receivable by the owners of share equities. Dividends exclude "super dividends" which arise where the dividend paid is large relative to the recent level of dividends and earnings. Super dividends are recorded as withdrawal of equity (F.5). This arises, for example, in the case of dividends paid by the central bank in 2015.

D.5      Current taxes on income, wealth, etc., (payable) - all compulsory, unrequited payments, in cash or in kind, levied periodically by general government and by the rest of the world on the income and wealth of units in the economy, and some periodic taxes which are assessed neither on income nor wealth.

D.6      Social contributions - transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs.

D.7      Other current transfers – includes VAT and GNI based EU budget contributions, current transfers between subsectors of government, current international co-operation and current transfers to households and non-profit institutions.

D.9      Capital transfers - involve the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction.  Includes capital taxes and investment grants.

Categories of Financial Flows

F.1       Monetary gold and special drawing rights (SDRs)

            F.11     Monetary gold

            F.12     Special drawing rights (SDRs)

F.2       Currency and deposits

            F.21     Currency

            F.22     Transferable deposits

            F.29     Other deposits

F.3       Debt securities

            F.31     Short-term

            F.32     Long-term

F.4       Loans

            F.41 - Short-term loans

            F.42 - Long-term loans

F.5       Equity and investment fund shares

            F.51 Equity

            F.52 Investment fund shares/units

F.6       Insurance pension and standardised guarantee schemes

F.7       Financial derivatives and employee stock options

            F.71     Financial derivatives

            F.72     Employee stock options

F.8       Other accounts receivable/payable

            F.81     Trade credits and advances

            F.89     Other trade credits

 

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